IRS Announces New COVID Related Tax Scam

IR-2020-249, November 4, 2020 WASHINGTON — The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS, states and industry, working together as the Security […]

Presidential Executive Order – The Payroll Tax Deferral

Part of the President’s executive order in August was an employee portion payroll tax deferral from September 1 to Dec 31, 2020.   This deferral for those making less than $4,000 bi-weekly would amount to 6.2% of the amount they were paid.  So what do I think about this deferral?  I wouldn’t touch it!   […]

IRS notice blitz has started!

Receive an IRS notice or have IRS problems and wonder what you can do?  Grab my special report and it will walk you through. IRS problems and Notices are too important to just ignore.  Learn what you can do by grabbing my free special report.

New IRS Tax Audit Rules for Partnerships

The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in large part, on choices the partnership, the partnership representative, and/or the partners make or fail to make.

Five Last Minute Tax Reduction Strategies

1)Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses right now reduces your taxes this year, without question. While it’s true you kicked the […]

2018 Last Minute Year-End Tax Strategies for Marriage, Kids & Family

Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. Put Your Children on Your Payroll Did your children under age 18 help you in your business this year? […]

A failure to plan is a plan for failure!

There is still time to reduce the amount of taxes you pay, but you have to take the time to plan.  We have FREE resources to help you along the way. The “New” Tax Code: 9 Simple, easily overlooked tax secrets for individuals or The 7 Essential “Post Tax Reform” Business Tax Strategies Download them […]

Tax Saving Tips Vol 201810

Drive Time Increases Odds of Deducting Rental Property Losses Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be […]

S Corporations Make IRS Increased Compliance Campaign

Each year the IRS generally determines certain areas or segments their research shows is not being complied with like they would like.  They then focus on that area to increase taxpayer education as well as generally more audits to increase compliance. S-Corps made the list this year.  The primary focus appears to be on distributions.  […]

Business Owners: How to Legally Reduce the Amount You Pay in Taxes using the New Tax Law that went into effect 1/1/2018.  Learn legal, court approved methods and strategies to reduce the amount you send Uncle Sam!  Wouldn’t you rather keep your money in your pocket.  The new tax law has some awesome opportunties to […]